Baker Tilly Canada | Insights

Insights

Income Tax Filings: On Time or In Time

Canadian taxpayers will face negative consequences if their income tax returns are not filed on time by the due date. In addition, they face other, different negative consequences when returns are filed after the due date but not in time to obtain a refund. This article discusses those consequences.

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Reduce Your Family Taxes with a Prescribed Rate Loan

Are you in a higher tax bracket than your spouse? Do you earn investment income from a non-registered account? If so, a prescribed rate loan can provide you with a method of income splitting that will reduce your taxes.

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Indirect tax Tax advisory

Best Practices: Indirect Sales Tax Overpayment and Exposure Analysis

At Collins Barrow, we strive to bring extra value to our clients. To that end, we can provide an indirect sales tax overpayment and exposure analysis. This is a specialty tax service above and beyond the thorough general audit process typically provided.

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The Concept of Residence in Canadian Tax Law

As is the case in much of the world, Canadian taxation is for the most part based on the concept of residence. But the issue of determining residence can be problematic, particularly where individuals leave or think they have entered or left Canada.

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International Tax advisory Transfer pricing

Financing a U.S. Subsidiary: Debt vs. Equity

Canadian corporations seeking to expand their operations often look southward to grow their business. By expanding into the United States, Canadian corporations can potentially gain access to a much larger market than is available in Canada. For a variety of valid reasons, Canadian corporations often choose a U.S. corporation as a vehicle for expansion into the U.S. But once this structural decision is made, the question becomes, how to finance the U.S. operations?

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International Tax advisory Transfer pricing

Our American Customers: the Watchdogs of the U.S. Tax System

With today’s technology, it is becoming increasingly easy to sell products to individuals and companies all around the world. Many Canadian companies have developed great business relationships with U.S. customers, selling a wide variety of goods.

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Discretionary Shares: Are they under attack?

Discretionary shares are a popular income-splitting tool for professional corporations and owner-managed corporations. They have gained popularity since the Neuman decision from the Supreme Court of Canada in 1998 (Melville Neuman v. Her Majesty the Queen). Not surprisingly, the Canada Revenue Agency (CRA) is still looking for ways to attack the use of discretionary shares.

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Tax advisory Transfer pricing

Transfer Pricing: the T106 Form and Related Penalties

The T106 Summary and corresponding Slips (collectively, the T106 Form) represent the annual information return used to report non-arm’s length transactions between reporting persons or partnerships and non-residents, in accordance with section 233.1 of the Income Tax Act.

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International Tax advisory Transfer pricing

U.S. Tax Treatment of Certain Canadian Tax-Deferred Accounts

While many U.S. citizens living in Canada have recently become aware of the requirement to file annual U.S. individual income tax returns, they may not be aware of the specific filing requirements in regard to certain registered investment plans held in Canada.

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Interest Deductibility

At some point in the lives of most individuals and business enterprises, loan interest becomes a significant annual expenditure. Not surprisingly, its deductibility in computing income has been the subject of many disputes between taxpayers and the Canada Revenue Agency (CRA).

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Spousal Trusts as a Tax Planning Tool

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